Pakistan's Prime Minister Shehbaz Sharif has announced cryptocurrency as "the tool of the future," indicating a major policy shift and state endorsement of digital assets.
The move by Pakistan's leadership is expected to enhance its economy through crypto integration, positioning the nation as a leader in digital asset innovation within the Global South.
Prime Minister Shehbaz Sharif has endorsed cryptocurrency as "the tool of the future," representing a notable policy shift in Pakistan. This official stance is unprecedented in the country's political arena, marking a transformation in its digital asset strategy.
The government has taken significant action by establishing the Pakistan Crypto Council and the Virtual Asset Regulatory Authority. Leaders like Bilal Bin Saqib and Jameel Ahmad are playing key roles in integrating cryptocurrency into the national economy.
The immediate effects on the national economy are profound, as the financial markets see potential shifts toward increased cryptocurrency adoption. Over 15 million crypto users in Pakistan could benefit from enhanced regulatory frameworks.
This shift has economic and social implications, including increased remittances, trade, and financial inclusion. Pakistan's move aligns with global trends, positioning it as a prominent player in the digital assets space.
The policy change opens doors for regulatory innovation, positioning Pakistan alongside regions like the UAE and Singapore. It underscores the potential of blockchain technology for economic development.
Experts foresee improved financial stability and regulatory clarity. Such initiatives demonstrate Pakistan's resolve to harness blockchain technology as a growth engine, potentially attracting foreign investment and improving national infrastructure.
Bilal Bin Saqib, CEO of Pakistan Crypto Council, noted, "I envision Pakistan to be a leader in the Global South for Digital Assets. From launching our Strategic Bitcoin Reserve to unlocking national infrastructure for crypto mining and AI data zones, Pakistan is building a real framework for digital asset adoption and economic modernization."